# Phase 5: Key Findings — Coefficient Surface

## Current Account
- **Range**: -111.9 (OECD, EMU) to 97.9 (High-income, non-OECD)
- **Spread**: 209.8 pp/GDP
- The sign of demography's effect on the CA **reverses** across institutional regimes.

## Savings
- **Range**: -55.7 (OECD, EMU) to 154.0 (Low-income, closed)
- **Spread**: 209.7 pp/GDP

## Implication
A single Z₁ coefficient is meaningless without specifying the institutional context. The 'average' demographic effect masks regime-specific effects that differ not just in magnitude but in sign.
